73% of most Bitcoin treasury companies are in debt, with 39% of them having liabilities exceeding the total value of their Bitcoin holdings.
Jinse Finance reported that the latest dataset released by CoinTab shows that most publicly tracked bitcoin-holding companies are not just sitting on large amounts of (digital) gold; while holding bitcoin, they also carry considerable liabilities. In many cases, the total amount of these liabilities even exceeds the value of the bitcoin itself. Among the companies holding bitcoin on their balance sheets, 73% are in debt, and 39% have liabilities that exceed the current market value of their bitcoin holdings. About one-tenth of these companies appear to have accumulated bitcoin directly through borrowing, effectively turning their reserve strategy into leveraged trading.
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